As and when Jet Airways applies for slots, these would be allocated among all airlines according to guidelines, without any claim of historicity in favour of any airline. Slots would be given to Jet only from the available remaining pool.
At least 95 per cent of Jet Airways employees will have to give their consent to the Kalrock-Jalan consortium's proposal or lose benefits offered to them under the revival plan. Voting on the consortium's offer for employees and workmen began on Monday and will go on till August 4. The National Company Law Tribunal cleared the consortium proposal to revive the airline on June 22. While Jet Airways had admitted claims of around Rs 15,000 crore, the consortium has offered to settle claims of Rs 475 crore of financial and non financial creditors.
The Kalrock-Jalan consortium - new owners of Jet Airways - has got an assurance from around 30 airports that if the airline restarts operations, 170 pairs of slots can be made available. However, whether those slots will be according to the airline's demand will depend on the order of the insolvency court, which is slated to come next week. Sources said the new management feels it is extremely important that some of those slots are restored or else its business plan of operating Jet as a premium carrier will not be viable.
High inflation print is the price that the Reserve Bank of India (RBI) will have to pay to nurse a fragile growth back, say economists. Wholesale Price Index-based inflation rose to a record high of 12.94 per cent in May, aided by low base effect, but also because of higher fuel and commodity prices. Retail inflation, too, surprised by rising to 6.30 per cent, while the core inflation, which is the non-food and non-fuel component, rose to an 83-month high of 6.55 per cent. These numbers are much above RBI's upper limit of 6 per cent inflation target, but there is very little that the RBI can do at this moment.
The Navi Mumbai international airport will boast three interconnected multi-level terminals with a lotus-inspired design, according to the master plan prepared by its outgoing developer. The GVK group, which completed 15 years of airport business, shared the first look of the Navi Mumbai airport. The group in 2018 had commissioned British firm Zaha Hadid Architects to design the main terminal and air traffic control tower. The master plan of the airport was approved by the City and Industrial Development Corporation (CIDCO) in 2019.
Airlines are slashing salaries and re-negotiating vendor contracts as drastic fall in passengers has hurt revenue. Go First has cut staff salaries by around 16 per cent while IndiGo and SpiceJet are enforcing a leave without pay (LWP) policy and pay by the hour structure respectively to prune expenses. Vistara, which reversed pay cuts for junior staff including managers and cabin crew in March, is not touching employee salaries at the moment and instead focusing on vendor renegotiation and maximising cargo revenue. An Air India executive said efforts are on to pay salaries by 7th or 8th of June.
The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
EU and UK laws require airlines to incorporate data protection measures and report data breach to regulators within 72 hours. Non-compliance can invite steep fines.
Those hardest hit by the second wave of the pandemic have been blue-collared workers, doctors and healthcare workers, law and order and municipal personnel, individuals eking out daily livelihood, and small businesses. And there should be more measures taken to alleviate their pain, the Reserve Bank of India (RBI) said on Monday. The report also indicated that the RBI's growth numbers might have to be revisited as the central bank's real GDP growth projection of 26.2 per cent given in the MPC's resolution of April 7 for the first quarter of 2021-22, were "made before the full fury of the resurgence." Nevertheless, the "resurgence of COVID-19 has dented but not debilitated economic activity in the first half of Q1: 2021-22.
The Reserve Bank of India (RBI) is precariously balancing two opposing objectives - maintaining easy financial condition in the domestic market, while ensuring external stability - and economists have started taking note. They say India is going through the classic trilemma of the 'Impossible Trinity'. The RBI cannot have an independent monetary policy (setting domestic interest rates) in an environment of an open capital account and flexible exchange rates. What is even more complicated for the central bank now is that financial market stability overlays all the other three objectives.
Theoretically, the currency with the public should expand in sync with the nominal income, which again moves in relation to the nominal growth rate of the economy. But the correlation breaks easily when other factors come into play, says Anup Roy.
Covid-19, US yields, dollar to weigh on equity flows in the near term.
Amid oxygen shortage and a faltering health system in the country, India is seeing over 300,000 cases daily.
Although such alerts are not compulsory for the banks, this may become the norm now if payments are missed even for a day.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
The Russian vaccine has been registered in more than 55 countries and is gaining recognition in the virtual world -- being the only to have its own Facebook page, YouTube channel and a Twitter handle, reports Aneesh Phadnis
According to the order, all factories producing essential goods and services will remain operational at full capacity.
The sudden movement of the rupee - post the monetary policy - is not a reason to panic, said currency dealers. According to them, a correction was overdue for the rupee that remained the best performing currency in the region for well over a month. The rupee closed at 74.72 a dollar on Friday from its previous close of 74.60. It had dropped 1.52 per cent against the dollar on April 7 after the Reserve Bank of India (RBI) announced its monetary policy, committing to buy Rs 1 trillion of bonds in the June quarter. A weak rupee goes well with the export narrative of the government, and is consistent with the RBI's intervention strategy that prevented an appreciation.
'Traders have stocked up for upcoming festivals and will make a loss if stores remain shut now. We suffered last year. We can't suffer again. There is no scientific basis for closing all commercial establishments. How long will the government keep them shut?'
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances